When the United States was on the gold standard, banks were required to: A. exchange U. S. dollars for a specific amount of gold.
B. provide a certain amount of gold to the government each year.
C. use gold when conducting business with foreign clients.
D. only accept gold as collateral for large business loans.

A. exchange U.S. dollars for a specific amount of gold.

Explanation:

In the US, the central bank was required by the Federal Reserve Act (1913) to have gold backing 40% of its demand notes. Higher interest rates intensified the deflationary pressure on the dollar and reduced investment in U.S. banks.

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